Northern Beaches development brought to market by apartment owners

A group of a Northern Beachers mixed-use owners have banded together to market their property to potentially sell to a developer.

A view of the mixed-use apartment and the surrounding area.

A group of Northern Beachers mixed-use owners have banded together to market their property to potentially sell to a developer.

The owners of the mixed-use strata building at 329 – 341 Sydney Rd, Balgowlah have consented to the two-storey building to be converted into a four-storey mixed-use development.

The new development would include ground floor shops, offices, and three-storeys of apartments.

11 owners of the Balgowlah building consented to it being turned into a four-storey mixed use development.

The sale of the 841 sqm site is being managed by CBRE’s Toby Silk, Aron Arias and Nicholas Heaton.

Mr Silk said the site is surrounded by cafes and restaurants, and is within walking distance to the Stockland Shopping Centre, North Harbour Reserve, Fairlight Beach and the Spit to Manly walk.
MORE:
Bob Hawke’s widow takes huge hit on luxury pad
142 ‘own to rent’ apartments up for grabs
The regions that are booming as city prices fall

The site spans 841 sqm and is surrounded by cafes and restaurants.

“The strata lot owners have known that the property is a development site for some time, having the foresight to put demolition clauses in any long commercial leases. The existing tenancies provide great holding income while a developer gets DA approval through the Northern Beaches Council,” Mr Silk said.

An aerial view of the site.

“There are little to no quality development sites on the market right now, so this is a unique opportunity. We are excited to see what interest is attracted and the future vision for the site.”

The site at 404 Sydney Rd was sold in 2017 and subsequently developed into a four-level building that includes 17 residential units, three levels of basement parking and two retail spaces.

The following year, a 531 sqm site at 332 – 338 Sydney Rd was sold and approved for the construction of a five-storey shop top housing development with basement carparking, four ground level retail shops and 12 residential apartments.

A view of the site and the surrounding area.

“The owners got together to sell as they realised the development value of the land is higher than the value of the individual lots.”
“In order to realise this upside, they banded together to present the opportunity to developers through CBRE who sell the majority of the development sites on the Northern Beaches.”
Expressions of Interest for the Balgowlah site end on the 30th November, no price guide was provided.
Balgowlah and Balgowlah Heights have a median house price of $3.35m and $4.61m respectively, with the area represented by an ageing population and a high demand for luxury apartments.

Originally published as Northern Beaches development brought to market by apartment owners